It’s been five years since we first reported to stakeholders that we had purchased the GK Tucker Estate in Carrum Downs from the Brotherhood of St Laurence.
During the Great Depression, the Brotherhood of St Laurence built the settlement to provide food and shelter to suffering families. After World War II, the suburb was gradually redeveloped as a Village for aged persons.
When we purchased the 17.4 hectare residential zoned site in 2009 it contained a decommissioned aged care facility, 130 run-down units and more than 80 elderly residents were still living on the site.
Wattlewood, as it now known, remains our biggest, most innovative and challenging social housing project. The $80+ million master planned property infill development includes more than 230 residential lots with 100 new affordable housing units for the elderly residents integrated with private market homes.
Much of the work at the site over the past year has been to finalise civil works whilst playing particular attention to the retention of existing vegetation, including mature trees.
Stage 1 sold out earlier this year with the first private home owners moving into their new houses and construction of 21 social housing properties is about to start with JG King and Hermitage Homes.
Profits from the private residential land sales generate an equity contribution to the building of our own units.
Frankston City Council approved Stage 2 in June, which will focus on landscaping works of the extensive open spaces and parklands.
And just this month, Stage 3 land sales were launched and we remain on track for completion of the estate by 2017.